During the Coronavirus pandemic, businesses suffered badly, particularly small and medium-sized businesses. Whilst many businesses bounced back as restrictions were lifted, there are plenty still struggling to recover and grow. In April 2021, the Government announced the Recovery Loan Scheme (RLS), designed to provide support for businesses affected by the pandemic that need access to [...]
If you are an owner or director of a limited company and are dealing with personal debt, you may think that your personal debt may impact your company. In most cases, this isn’t true and that’s because a limited company is treated as a separate legal entity. Therefore, any debt you owe is not related [...]
As businesses start to emerge from the coronavirus pandemic, the reality of government backed loans, furlough schemes and lost revenue is starting to bite. Couple that with rising energy costs, interest rates going up and inflation predicted to hit 8%, the number of companies struggling with debt is growing. Recent statistics report that in January [...]
Larger private companies in the UK sometimes reward their employees by giving them equity in the company, i.e. shares. It can often be used as an employee perk or part of a remuneration package, particularly when an employee has completed so many years in the business or is promoted to a senior position. Employers opt [...]
The latest insolvency statistics showed that the number of company insolvencies had risen by 63% in October 2021, compared to October 2020 which had 1,405. But the figure that stood out from this data is the number of Creditors’ Voluntary Liquidations (CVLs) – 1,248 companies in October alone, which is higher than pre-pandemic levels. Entering [...]
The probate process in the UK can be time-consuming, even if the deceased’s estate is a simple affair and they left a will. The length of time probate takes will often impact the period between probate being granted and when the beneficiaries receive their inheritance money after probate. Before beneficiaries receive their inheritance money after [...]
The last couple of years have been a struggle for many and secured loans with attractive interest rates have never been so appealing. Secured loan debt comes in many forms; it may be the mortgage on your home, it may be the loan on your car or it may be the only way you could [...]
The voluntary winding up of a company that is solvent can be accomplished under the Insolvency and Bankruptcy Code, 2016. Under the Insolvency Act 1986 is the Insolvency Rules 2016 that apply in England and Wales which sets out the procedure for the voluntary winding up of a company. The Insolvency and Bankruptcy Code (IBC) [...]
The last couple of years have been extremely difficult for businesses of all sizes, particularly for some industries, such as retail, travel, and hospitality. The coronavirus pandemic has hit companies hard and with support from the government ceasing in the last few months, many are struggling to stay in business. Negotiating a Creditors’ Voluntary Arrangement [...]
When an insolvent company enters a liquidation process, one of the key tasks for the insolvency practitioner (IP) is to sell the company’s assets before liquidation. In many cases, the assets are sold to third parties, sometimes to competitors or a director may wish to buy the asset from the company for personal use or [...]
